2009-08-10-2008-05-01-2008-06-01

Purchased gas assets, gaining 2.85 MMBOE proved.

Celtic Exploration Ltd., Calgary, (Toronto: CLT) has acquired gas assets in Alberta from an undisclosed seller for C$45.2 million. The assets include a 9.3% interest in Kaybob South Beaverhill Lake Unit 1; 11.5% in Kaybob South Beaverhill Lake Unit 2 (with a pre-acquisition interest of 49.9%); 10.2% in Kaybob South Beaverhill Lake Unit 3; and various interests in nonunit properties at Kaybob South T58-62 R18-20 W5, including Montney and Nordegg rights in certain sections. Proved reserves are 2.85 million barrels of oil equivalent (4.4 million proved plus probable). Celtic values the deal at C$18.03 proved developed producing and C$48,707 per barrel equivalent proved developed producing. Sproule Associates Ltd. was advisor. The effective date is Jan. 1.